Asking prices up over last year

Houston-area homeowners are asking a lot more for their properties than they were a year ago — 10.2 percent more.

That’s according to a new report from online realty firm Trulia, which tracks asking prices and rents in 100 U.S. markets.

Houston has been one of the strongest housing markets in the country, as our energy-based economy continues to strengthen, bringing more jobs and people to the area.

Nationwide, however, Trulia sees the market cooling. For the first time in eight months, asking prices dipped 0.3 percent in July from the previous month, the report said.

Asking prices can be an early indicator of future sales prices, usually by about two months. And while monthly data can be volatile, quarter-over-quarter changes confirm the price slowdown, Trulia said. “Asking prices were up 3.3 percent quarter-over-quarter in July, down from a peak of 4.2 percent in April.”

Rising mortgage rates, higher inventories and declining investor demand are slowing things down. But again, that’s on a national basis. Local housing inventory is still very low. Prices are decelerating most in California and other markets that had seen the biggest increases over the past year. That includes places like Las Vegas, Oakland, San Francisco and Portland, according to Trulia.

When it comes to rents, the Houston area far surpasses national trends. Rents here are up 8.5 percent over last year, compared to the national increase of 3.9 percent, according to the data.